Real estate in the Pimmit Hills subdivision in Falls Church did well in 2012. 47 homes sold in the MRIS in 2012 with a high demand for homes. In 2013 the number of homes listed has been about the same but demand has picked up tremendously. People really picked up on what a great value Pimmit Hills is – where else can you get a single family home on a quarter acre lot minutes from Tysons Corner for about $400,000?
The number of foreclosures and short sales in the community has kept going down – in 2012 there were 4 foreclosures and no short sales – this year to date there has be no foreclosures and no short sales.
11 homes are available for sale in Pimmit Hills as of today. The lowest priced one is a 3br/1ba listed at $435,000 and the highest priced is a 6br/5ba at $997,000. You can see what is currently for sale in Pimmit Hills here.
To get a better understanding of the overall price level in the neighborhood we need to compare apples to apples. I have therefore tracked sales of the 884 sq/ft 3br/1ba 1 level ramblers in the neighborhood over the last 15 years. We have tried to exclude homes with rear extensions, basements and so on but we don’t account for interior condition etc.
Our “similar home average” makes it much easier to see what the price trend is in the neighborhood. Otherwise the mix of homes sold would continuously skewing the min, max and average sales price.
As you can see from the above graph the prices in Pimmit Hills were pretty stable 2009-2012.
Prices in the neighborhood jumped significantly the first 7 months of this year (2013) – the average sales price of a 884 sq/ft rambler jumped 20% from 2012 to 2013 YTD! Some of that may be from the homes being more updated, however it is more likely fueled by limited inventory, low interest rates, reasonable prices in the community and excitement about everything happening in Tysons Corner. The Tysons Corner area is seeing a great transformation and Pimmit Hills will continue to be the best deal for single family homes in the area.
After a dip in rentals for 2011 the number of rentals were 40 in 2012. This year, 25 homes rented so far this year. Rental prices seems to be pretty steady though.
For investors the GRM(ratio of rent to purchase price) has been getting better and better since 2005 up until last year. In 2013, due to the jump in home prices, the GRM got a lot less attractive. Investors are still buying in the neighborhood but probably more for reconstructions or long term appreciation. The cash-flow return just isn’t that good on 3/1 ramblers.
Pimmit Hills is a great neighborhood in a fantastic location. If you would like to discuss selling or purchasing in Pimmit Hills please give us a call at 703 560-3424 or contact us online.
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